Senior Citizen Health Insurance – Probably the Best Gift for Your Parents

From the day we take our first breath in our mother's womb until the day our parents take their last breath, we remain in their area of concentration. So what we can give in return for them is the same amount of love, respect, and protection.

Our small gestures like calling them regularly, visiting them frequently, not forgetting to wish them on their special days like birthdays and anniversaries, and giving them small gifts as a token of our love can make them super happy.

Searching gifts for anyone is a difficult task and when it comes to your parents who are old in age restricts the range more. One of the most useful gifts that you can give to your parents is a senior citizen health insurance plan.

In order to provide a good upbringing to their children, most of the parents forget to take care of themselves and hence ignore taking a health insurance policy. Even though illness and diseases can knock the door of anyone at any time, but chances are high with senior citizens. To keep this fact in mind, it is essential for every senior citizen to take a health insurance policy.

You may think to cover your parents in your family floater health insurance plan, but if they are a senior citizen, then taking a separate policy for them is recommended. Below mentioned are some of the benefits of buying a separate health insurance plan for parents:

● Larger Coverage: Apart from other health insurance inclusions, most of the mediclaim policies for senior citizens also provide coverage for pre-existing illnesses. This means with cashless hospitalization, emergency care, and lab tests, a health insurance policy also covers pre-existing illnesses with a lesser waiting period.
● Tax Benefits: Many of us are unaware of the fact that the premiums that we pay for the health insurance policy of our parents also get tax benefits under section 80D of Income Tax Act, 1961. It does not matter whether your parents are dependent on you or not, you can claim a tax deduction of Rs.30, 000 if you are paying the premium for your parents’ health care policy, who are more than 60 years.
● To Provide Shelter Against Increasing Medical Costs: Since senior citizens have a very limited source of income and medical costs are increasing day by day. So, to protect your parents against these increasing medical costs is one of your primary duties. Consecutively, there is no better gift than giving them a health insurance plan.

In order to gift the most suitable medicalim insurance plan for senior citizens to your parents, it is suggested to keep the below-mentioned points in mind:

● Age Limit: Buying a mediclaim policy for your parents is not the only requirement; you have to get it renewed every year. However, you cannot renew it for an indefinite time as most of the health insurance providers put a restriction on renewal age for the policy. Therefore, before purchasing a plan, it is suggested to crosscheck the renewal age limit of the policy.
● Critical Illness Benefits: If your senior citizen health insurance policy provides the benefits of critical illness, then it can be considered. The reason behind this is, a critical illness cover gives a lump-sum amount upon diagnosis of some serious alignment like cancer. This money can be used for providing better medical treatment to a senior citizen. So, keep this factor in mind before purchasing a health plan for your parents.
● Pre-Existing Illnesses: A health insurance policy covering critical illness have a waiting period of 2 to 4 years, but for senior citizens, it is very high. Therefore, it is suggested to opt for a senior citizen policy that has the least waiting time or period.
● Extensive Range of Network Hospitals: Another factor to consider over here is the range of network hospitals. Moreover, the hospitals covered in your senior citizen health insurance plan must cover the multispecialty hospitals. You must consider a plan that is covering a few of the good hospitals nearby to your parents' home so that they do not have to go far in case of medical emergency.
● Worldwide Coverage: Well, this feature is optional as it is subject to the fact whether your parents travel worldwide or not. If your parents travel worldwide, then it is suggested to go for a plan that has network hospitals across the globe.

Wrapping Up:

A gift is always your token of love toward the person whom you give it, and when it is given thoughtfully, it can become a virtue. Health insurance plan for senior citizens is one such gift that you can give to your parents in their golden days of life. So, keep the above-mentioned points in mind and give a gift to your parents generously.